事件：公司发布2025 年三季报，公司2025Q1-Q3 实现营业总收入50.00亿元，同比-2.44%；实现归母净 利润3.96 亿元，同比+0.37%；实现扣非归母净利润2.71 亿元，同比-13.25%。单季度来看，公司25Q3 实现营业总收入14.32 亿元，同比-1.87%；实现归母净利润0.83 亿元，同比+34.91%；实现扣非归母净 利润0.47 亿元，同比+7.33%。 品牌影响力持续深化，净利润表现亮眼。公司25Q3 实现营业总收入14.32亿元，同比-1.87%；实现归母 净利润0.83 亿元，同比+34.91%。公司持续深化产品创新，提高产品品质，并打造差异化产品矩阵，实 现全渠道产品定制化推进，品牌影响力不断强化。 盈利能力短期略有承压，经营效率持续提升。公司25Q1-Q3 毛利率/净利率分别为23.77%/7.92%，同比 分别-1.26pct/+0.22pct；其中单25Q3 毛利率/净利率分别为22.34%/5.76%，同比-0.41pct/+1.57pct。公司 25Q1-Q3期间费用率为16.73%，同比-0.03pct，销售/管理/研发/财务费用率分别为 12.76%/3 ...

Core Insights - The company reported a revenue of 3.57 billion yuan for the first half of 2025, a year-on-year decrease of 2.7% [1] - The net profit attributable to shareholders was 310 million yuan, down 6% year-on-year, while the net profit excluding non-recurring items was 220 million yuan, a decline of 16.6% [1] Revenue Breakdown - The frozen rice and noodle products generated 3.09 billion yuan in revenue, reflecting a year-on-year decrease of 1.5% [1] - Traditional rice and noodle products, including dumplings and rice balls, achieved revenue of 2.06 billion yuan, showing a slight increase of 0.2% year-on-year [1] Profitability Analysis - The gross margin for the first half of 2025 was 24.3%, down 1.6 percentage points year-on-year [1] - In Q2 2025, the gross margin fell to 22.7%, a decrease of 2.1 percentage points year-on-year, attributed to increased promotional efforts in response to heightened competition in the frozen food industry [1] Future Outlook - The company aims to enhance profit contribution rates by improving efficiency while maintaining stable growth in traditional rice and noodle products [1] - There is a focus on increasing the introduction of healthier and more personalized new rice and noodle products, with expectations for new and next-generation products to contribute positively to performance [1] Earnings Forecast - The expected earnings per share (EPS) for 2025-2027 are projected to be 0.60 yuan, 0.63 yuan, and 0.66 yuan, corresponding to dynamic price-to-earnings ratios of 19 times, 19 times, and 18 times respectively [1]